Common use of Cost of Transaction Clause in Contracts

Cost of Transaction. (a) The Purchaser will be responsible for the costs of conveyance of the Property and its own solicitor’s fees and disbursements, which will be remitted on the Closing Date. (b) The Vendor will be responsible for its own solicitors’ fees and disbursements, any real estate commission payable in respect of this transaction. (c) It is understood and agreed that, unless the Purchaser is exempt from the application of Part IX of the Excise Tax Act (Canada) (the “Act”) for the collection and remittance of Goods and Services Tax (“GST”) and provides satisfactory proof of such exempt status to the Vendor prior to the Closing Date: (i) the Purchaser shall be registered under subdivision d of Division V of Part IX of the Act for the collection and remittance of GST; (ii) the Purchaser shall be liable, shall self‐assess and remit to the appropriate governmental authority, all GST which is payable under the Act in connection with the transfer of the Property made pursuant to the Agreement, all in accordance with the Act; (iii) to the extent the GST applies to this transaction, the Vendor shall not collect GST on completion and shall allow the Purchaser to self‐assess and remit GST to the Receiver General in accordance with the Act; (iv) the Purchaser shall indemnify and save harmless the Vendor from and against any and all GST, penalties, costs and/or interest which may become payable by or assessed against the Vendor as a result of any inaccuracy, misstatement or misrepresentation made by the Purchaser on the Closing Date in connection with any matter raised in this paragraph or contained in any declaration referred to herein; and (v) the Purchaser shall tender prior to and as a condition of completion a certificate and indemnity including verification of its registration number issued by Revenue Canada under the Act (the “GST Certificate”).

Cost of Transaction. (a) The Purchaser will be responsible for the costs of conveyance of the Property and its own solicitor’s fees and disbursements, which will be remitted on the Closing Date. (b) The Vendor will be responsible for its own solicitors’ fees and disbursements, any real estate commission payable in respect of this transaction. (c) It is understood and agreed that, unless the Purchaser is exempt from the application of Part IX of the Excise Tax Act (Canada) (the “Act”) for the collection and remittance of Goods and Services Tax (“GST”) and provides satisfactory proof of such exempt status to the Vendor prior to the Closing Date: (i) the Purchaser shall be registered under subdivision d of Division V of Part IX of the Act for the collection and remittance of GST; (ii) the Purchaser shall be liable, shall self‐assess self-assess and remit to the appropriate governmental authority, all GST which is payable under the Act in connection with the transfer of the Property made pursuant to the Agreement, all in accordance with the Act; (iii) to the extent the GST applies to this transaction, the Vendor shall not collect GST on completion and shall allow the Purchaser to self‐assess self-assess and remit GST to the Receiver General in accordance with the Act; (iv) the Purchaser shall indemnify and save harmless the Vendor from and against any and all GST, penalties, costs and/or interest which may become payable by or assessed against the Vendor as a result of any inaccuracy, misstatement or misrepresentation made by the Purchaser on the Closing Date in connection with any matter raised in this paragraph or contained in any declaration referred to herein; and (v) the Purchaser shall tender prior to and as a condition of completion a certificate and indemnity including verification of its registration number issued by Revenue Canada under the Act (the “GST Certificate”).